New CEO for the Co-operative Bank

Chief financial officer Nick Slape will take over from Andrew Bester

The Co-operative Bank has appointed Nick Slape, its chief financial officer, to the role of chief executive officer with effect from 31 October 2020, subject to regulatory approval.

He will succeeds Andrew Bester, who had been at the helm of the Bank since 2018. Mr Bester announced his decision to step down earlier this month, arguing he felt this was the right moment for new leadership as the bank is entering the next stage of its turnaround.

Mr Slape joined the Bank as chief financial officer in 2018 and has worked closely with Mr Bester in shaping the Bank’s five year plan and has been on its board of directors since 2019. He also helped lead the Bank’s wider turnaround focused on implementing a ‘customer first’ approach to shape strategy, purpose, culture, and performance management.

He has been involved in the financial services sector for 37 years. Prior to joining the bank, he spent five years as chief financial officer of the Commercial Division at Lloyds Banking Group and has also held senior positions at a number of global investment banks including Deutsche Bank and Merrill Lynch.

Bank chair Bob Dench said: “I am delighted to be appointing Nick as CEO. He has played a leading role in shaping and delivering key elements of the turnaround plan and as a result of robust succession planning, he is the natural choice to lead the Bank as we move towards achieving sustainable profitability. We have made good progress in recent years and key to this success has been Nick’s sound financial management. I look forward to working with him in his new role as CEO as he leads the continuation of our strategy.”

Mr Slape said: “I am excited to be taking on the role of CEO and leading the Bank into its next phase, having worked closely with Andrew to shape the strategy and deliver some key milestones together. Our franchise is proving resilient in these challenging times, and the steps made in completing major components of the transformation means we have a platform for growth.

“The next few years will continue to be key for the Co-operative Bank as we look to build on the progress to date and complete our turnaround plan. We have committed, purposeful colleagues and our shared priority will be to support our loyal customers through the uncertainty of the pandemic. Our distinct brand and co-operative values are fundamental to the success of this unique Bank that is much loved by our colleagues and customers and I look forward to achieving a sustainable future.”